President Erdogan Confirms Turkey’s Plans Abut Digital Lira In 2020

The latest cryptocurrency news feature the president of Turkey, Recep Tayyip Erdogan who recently confirmed the government’s plans about launching a digital currency. As President Erdogan noted, the government should finish testing the national central bank digital currency (CBDC) in 2020.

Reports from Cointelegraph Turkey also showed that the country’s national blockchain-based digital lira is planned to be issued by the Central Bank in accordance with the 2020 Annual Presidential Program.

Speaking of, the Presidential Program specifies that the first trials of the digital lira should be conducted and finalized by the end of 2020. This comes along with a document which was published by Turkey and its official national publication Resmi Gazete on November 4.

As the pilots show, the government plans to develop a software platform which will work for instant payments and be based on the digital lira. Besides President Erdogan who is giving the green light, the central bank and the national tech innovation agency (Scientific and Technological Research Council of Turkey) will also stand alongside the project.
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As reported by the source, the launch of the digital lira is part of the country and its objective to strengthen the local economy. The document, overviewed by President Erdogan, reads the following:

“The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul’s goal of becoming an attractive global financial center.”

For now, we can say that the digital lira will play a crucial role in the 2020 Annual Presidential Program – following the previous plans outlined by the state in the country’s 2019-2023 economic roadmap which was issued in July 2019. As an addition to the CBDC which will overview the digital currency, the government headed by President Erdogan is also interested in implementing blockchain technology for transportation and customs – plus public services and administration.

Earlier this year, Turkey was in the blockchain news for announcing its plans to set up a national blockchain infrastructure and deploy distributed ledger technology (DLT) in public administration.